Fidelity National Financial, Inc. (NYSE:FNF) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.76%.
Fidelity National Financial, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 4.62% to $0.68 in the quarter versus EPS of $0.65 in the year-earlier quarter.
Revenue: Rose 31.21% to $2.28 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Fidelity National Financial, Inc. reported adjusted EPS income of $0.68 per share. By that measure, the company beat the mean analyst estimate of $0.62. It beat the average revenue estimate of $2.25 billion.
Quoting Management: “While we remain encouraged by the performance in our commercial and residential purchase businesses, the nearly 100 basis point increase in the 10-year treasury rate during the second quarter adversely impacted refinance orders during June and July. We have responded to that decline in open refinance orders by reducing headcount by nearly 670 positions over the past six weeks. As we have consistently demonstrated in the past, we will closely monitor productivity and operating metrics with discipline and adjust staffing levels to current market volumes to mitigate the impact to earnings associated with the transitioning market.”
“We were excited to announce the signing of an agreement to acquire LPS during the second quarter,” said Chairman William P. Foley, II. “This combination will create a larger, broader, more diversified and recurring revenue base for FNF. We continue to work through the filing and approval processes toward an expected fourth quarter 2013 transaction closing and look forward to creating significant value for our shareholders through this strategic acquisition.”
Key Stats (on next page)…